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MUMBAI (Commodity Online): Turmeric futures expected to extend downtrend on Tuesday due to higher stocks from the fresh crop, weak export demand and on expectations of higher production in the next year.
In NCDEX turmeric December contract on Monday closed lower by 3.02 per cent to Rs.4614 per quintal against the previous close.Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent, according to analyst with Religare Commodities.
According to trade sources, farmers are having more than 13 lakh bags stocks with them and they are likely to dump it before arrival of fresh crop starts resulting in higher arrivals than normal. As per the trade sources the expected crop for next year is around 82 lakh bags.
Lackluster demand from the overseas buyers coupled with continued better arrivals from the Erode mandi led prices to remain bearish.Favorable weather aided to the growth of the sown crop which further raised hopes of better output.
Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.
Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-Sept 2011 have risen by 46% to 41500 MT in 2011 from 28500 MT in 2010 same period.
MUMBAI (Commodity Online): Turmeric futures expected to extend downtrend on Tuesday due to higher stocks from the fresh crop, weak export demand and on expectations of higher production in the next year.
In NCDEX turmeric December contract on Monday closed lower by 3.02 per cent to Rs.4614 per quintal against the previous close.Traders expect the trend to remain volatile in the short term as improved production prospects and higher stocks could keep the prices under check to some extent, according to analyst with Religare Commodities.
According to trade sources, farmers are having more than 13 lakh bags stocks with them and they are likely to dump it before arrival of fresh crop starts resulting in higher arrivals than normal. As per the trade sources the expected crop for next year is around 82 lakh bags.
Lackluster demand from the overseas buyers coupled with continued better arrivals from the Erode mandi led prices to remain bearish.Favorable weather aided to the growth of the sown crop which further raised hopes of better output.
Exports that had remained low are however expected to rise in coming weeks from Europe, US, West Asia and Japan.
Latest reports from Spice Board of India indicates the expected Turmeric exports for the period April-Sept 2011 have risen by 46% to 41500 MT in 2011 from 28500 MT in 2010 same period.
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